Jolyon Palmer has been retained by Renault for the 2017 Formula One season, ending speculation regarding his future in the sport.

Palmer's place in the team had been in question, with Renault linked to a host of other drivers over the course of the season.

The acquisition of Nico Hulkenberg from Force India appeared to leave Palmer and current team-mate Kevin Magnussen competing for one seat.

Reports emerged on Wednesday that Magnussen had opted to join Haas after Renault delayed the decision on their 2017 line-up, and the team have since confirmed that Palmer will be sticking around.

"I'm over the moon to be racing with Renault Sport Formula One Team for a second season and I can't wait to reward the team's faith in me on track," he said. 

"Having worked out of Enstone since 2015 I can fully appreciate the development of the infrastructure this year. This means I share the excitement of the team looking to 2017 and our new car.

"For me, it's been a steep learning curve driving in Formula One and I know that I am performing better than ever, and that there's still more to come."

Palmer sits 17th in the drivers' standings with one point from his rookie season, six behind Magnussen.